Bank of England and Financial Services Bill [HL]: Commons’ committee stage proceedings

The Bill was introduced in the House of Lords. There, the abolition of the Oversight Committee, the extent to which the NAO would be allowed to scrutinise the Bank and the abolition of the reverse burden of proof in the Senior Managers and Certification regime received particular attention. 

More detail on the Bill’s provisions can be found in the Library Paper The Bank of England and Financial Services Bill.  More detail on the Bill’s stages in the House of Lords is in a separate Library note, The Bank of England and Financial Services Bill [HL] (Lords stages).

This Paper looks at the proceedings in the Commons Committee sittings.

Most of the time in Committee was spent looking at the Senior Managers and Certification Regime, in particular the issue of the ‘reverse burden of proof’.

Several new clauses were introduced and approved. One promoted the ideal of diversity within the financial services industry.  One regularised the issuance of ‘remit letters’ between the regulators and the Treasury.  Other new clauses covered anti-illegal money lending funding support and limits on early exit pension charges.